{"title":"The Trojan Horse of sovereign debt","authors":"Margot E. Salomon","doi":"10.1080/20414005.2024.2337524","DOIUrl":null,"url":null,"abstract":"This article analytically attends to the question: ‘what gets activated through’ the regime of sovereign debt today. Beyond the headlines of loans, debt, debt relief, restructuring, default and other terms of the trade, what is it that gets activated through creditor–debtor relations in the Global South? Four answers are set out: extortion and subordination in the guise of official credit; legal construction of an apolitical economy; austerity as a technique of social and political control; and lastly, as part of a quartet of forevering reign by debt, reversing social rights expectations and permanently embedding poverty. The explanation for the mystery of an unfathomable economic logic is that there must be a different scheme at work.","PeriodicalId":37728,"journal":{"name":"Transnational Legal Theory","volume":"360 2","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Transnational Legal Theory","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/20414005.2024.2337524","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Social Sciences","Score":null,"Total":0}
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Abstract
This article analytically attends to the question: ‘what gets activated through’ the regime of sovereign debt today. Beyond the headlines of loans, debt, debt relief, restructuring, default and other terms of the trade, what is it that gets activated through creditor–debtor relations in the Global South? Four answers are set out: extortion and subordination in the guise of official credit; legal construction of an apolitical economy; austerity as a technique of social and political control; and lastly, as part of a quartet of forevering reign by debt, reversing social rights expectations and permanently embedding poverty. The explanation for the mystery of an unfathomable economic logic is that there must be a different scheme at work.
期刊介绍：
The objective of Transnational Legal Theory is to publish high-quality theoretical scholarship that addresses transnational dimensions of law and legal dimensions of transnational fields and activity. Central to Transnational Legal Theory''s mandate is publication of work that explores whether and how transnational contexts, forces and ideations affect debates within existing traditions or schools of legal thought. Similarly, the journal aspires to encourage scholars debating general theories about law to consider the relevance of transnational contexts and dimensions for their work. With respect to particular jurisprudence, the journal welcomes not only submissions that involve theoretical explorations of fields commonly constructed as transnational in nature (such as commercial law, maritime law, or cyberlaw) but also explorations of transnational aspects of fields less commonly understood in this way (for example, criminal law, family law, company law, tort law, evidence law, and so on). Submissions of work exploring process-oriented approaches to law as transnational (from transjurisdictional litigation to delocalized arbitration to multi-level governance) are also encouraged. Equally central to Transnational Legal Theory''s mandate is theoretical work that explores fresh (or revived) understandings of international law and comparative law ''beyond the state'' (and the interstate). The journal has a special interest in submissions that explore the interfaces, intersections, and mutual embeddedness of public international law, private international law, and comparative law, notably in terms of whether such inter-relationships are reshaping these sub-disciplines in directions that are, in important respects, transnational in nature.
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